DAILY RESISTANCE FOR NIFTY:
8029, 8095, 8199, 8303
PIVOT POINT: 7991
DAILY SUPPORT FOR NIFTY : 7925, 7887, 7783,7679
The market extended previous trading
session's rally further on Friday, taking the Nifty above 8000 intraday after
the Federal Reserve postponed its plans of rate hike in nearly a decade.
However, profit booking in last hour of trade wiped out half of gains and
dragged benchmark Nifty below the psychological level post sell-off in European
markets. The Sensex rallied 254 points or 0.98 percent to 26218 and the NSE
Nifty climbed 82 points or 1.05 percent to 7963, The US Federal Reserve left
key policy rates unchanged for the 55th straight FOMC meet bowing to worries
about the global economy, financial market volatility and sluggish inflation at
home. The US markets were mixed overnight post the US Federal Reserve's
decision. The Dow Jones Industrial Average fell 65.21 points, or 0.39 per cent
while the S&P 500 lost 5 points, or 0.26 per cent. The Nasdaq Composite
added 4.71 points, or 0.1 per cent.
A close below 7970 and 7852 support has again signaled weakness but having
closed above 7900, the bulls still have hope. 8095 remains the important
resistance which must be decisively crossed for fresh momentum. 8029-8095 zone
is an important hurdle which must be decisively crossed for any meaningful
rally from here. 7900-7850 is an important demand zone and a decisive breach of
7887 at this juncture will signal weakness.
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